With the rapidly forming ecosystem that is the blockchain community, many partnerships have recently been gilded. Through strategic alignment for purposes of changing the financial landscape and reigning in crypto adoption, these newly forged bonds amongst different blockchain entities are driving more value to the overall network by creating new and meaningful ways to use and interact with cryptocurrency. Most recently, Electroneum has become the first cryptocurrency startup to partner directly with the blockchain-based LockTrip. LockTrip is a European travel website offering discounts of up to 60% at over 2.1 million vacation destinations in over 190 countries.
Starting today, LockTrip will list Electroneum (ETN) as a direct payment option for Electroneum’s over 4 million registered users worldwide. These users can start booking flights and accommodation right now. As part of this exciting announcement, Electroneum and LockTrip are giving away $1,000 today. More details can be found by visiting the Electoneum or LockTrip sites.
Electroneum founder and CEO, Richard Ells recently commented on the joint venture between the two companies:
“We are thrilled to provide our Electroneum community with more use cases for ETN [and] are particularly excited to expand our ETN ecosystem to include flights and accommodation at very low costs.”
LockTrip is an ecosystem and marketplace that allows customers to search and book flights, hotels and other travel accommodation globally. Using smart contracts to mitigate trust issues, it is the first platform ever to allow customers and property owners the ability to interact without the middleman (or woman). This is just the next step in the evolution of the travel bookings industry, which started with travel agents, then moved to online booking sites such as Trivago, Orbitz, and Hotels.com before now enabling a blockchain component to reduce even more of the cost associated with booking arrangements.
With this new era of blockchain travel booking, payment with ETN on LockTrip is even easier than using a credit or debit card for only purchases. All you need to do is go to the checkout and click on the ETN icon. This will immediately prompt you with a Electroneum wallet compatible QR code. LockTrip also allows for payments with credit or debit cards as well as with several other cryptocurrencies, including Bitcoin, Litecoin and Ethereum.
Last week, the LockTrip team were quoted as saying:
Let’s take a look at LockTrip to explore how it works and the potential savings for users paying with cryptocurrency. The image below shows how much you would pay with LockTrip for a 14-day stay at an airport hotel from November 1st thru the 15th. The total when paying with cryptocurrency comes to around $700. If you pay with a credit or debit card, you pay an additional $15 in fees.
The image below shows how much that same hotel would cost you if you were to reserve via Hotels.com during the same dates. You can already see that it costs just over $52.18 more than on LockTrip.
That same exact hotel on the same dates would cost you the same on Skyscanner than on Hotels.com. In other words, LockTrip is the cheapest and is eliminating the fees built in to the other sites’ models.
LockTrip detailed just how they could offer discounted prices on accommodations "by significantly cutting down on intermediary commissions and by working with leading suppliers around the world. Organic growth, fueled by our competitive prices allows us to bypass expensive marketing budgets."
Back in 2019, LockTrip claimed to have helped users save up to 17% when booking hotels in Europe and more than 23 percent in the United States. LockTrip noted that popular websites like Airbnb or Booking.com charge hotels a 15 to 30% commission, which later affects guests' final price. They also said that various travel websites use sales pressure tactics that are dishonest and hurt consumer trust over the long term. According to LockTrip:
"We don't pressure-sell with warnings like 'only one room left' or present our members' special deals' that are not special. We believe that respect starts with honesty."
Like many companies who rely upon word of mouth and customer advocacy, LockTrip has an affiliate system that can earn those who register with them an income for life. According to their side, each person you refer will be accredited as your referral for life and will generate you a 3% passive income on all of the bookings they made with LockTrip. This is an excellent incentive for the business traveler crypto enthusiast friends of yours who are constantly jet-setting and seeking ways to save a few dollars for their employers. To learn more about effectively becoming an affiliate partner, visit the LockTrip Academy or the LockTrip Forum.
The Financial Times recently quoted LockTrip as being a part of a "new breed of businesses known as DAOs (decentralised autonomous organisations). They are paving the way for an alternative 'trust-based' business model that has the potential to disrupt some of today's dominant disruptors." The news outlet further explained how DAOs are built on the recent movement principles to create the next-generation internet dubbed the Internet of People (IoP), which calls for individuals to have control over their personal information and for a drastic reduction in the role of intermediaries. As a result, DAOs are laying the foundation for new trust-based business models that return data control to users and share profits more equitably.
As blockchain use-cases are put into practice, the distance between the service provider and the consumer shrinks. The fees typically associated with services are being eliminated. The status quo will be challenged more so in the roadmap ahead with partnerships like that of LockTrip and Electroneum. For the LockTrip mobile app, visit the App Store or the Google Play.
Marcus Henry is an American Journalist with over 12 years working in the tech industry. He has been actively involved in the crypto community for the past three years and currently works out of Austin, Texas. He covers breaking news, writes perspective pieces and reflections, and conducts interviews with industry professionals and community members. Follow Marcus Henry on Twitter- @MarcusHenryHODL
Disclaimer: The information above does not constitute investment, financial, trading or any other sort of advice and you should not treat any of my content as such. I do not recommend the purchase, sale, or holding of any cryptocurrency or other product and/or service. Nothing I write about should be deemed as an offer to purchase, sell, or hold a cryptocurrency or other product or service. Please do your own research and consult a certified financial professional before making any investment decision.